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 AFFAIRSCLOUD TODAY
Current Affairs 29 July 2023 : Headlines

1. PM Modi Inaugrates IECC complex “Bharat Mandapam” at Pragati Maidan; IECC to host G20 Meet
2. PFC and REC Signs MoU for Rs 5 lakh Crore Pacts with Clean Energy companies
3. 3rd India & Lao FOC held in Vientiane, Lao; Signed MoUs for 5 QIPs
4. SEBI Rolled out Framework for CDMDF; mandates FPIs to disclose LEI Code
5. LIC launches Jeevan Kiran to offer Life Cover with Premium Return
6. Razorpay launches ‘MoneySaver Export Account’ for Indian exporters to save 50% on overseas
bank transfers
7. SBI Ecowrap report: India set to become the world 3rd Largest Economy in 2027
8. Goa Shipyard & BGIIES signed MoU to use AI for Shipbuilding
9. Jim Skea of UK elected as the Chair of IPCC
10. India’s UN Ambassador Ruchira Kamboj, Assumes the Chairmanship of 62nd Session of CSocD
11. CCI approves Acquisition of 59.38% stake in Unichem by Ipca Labs
12. TKMS Signs MoU With MDL to Modernise INS SHANKUSH Submarine
13. NASA, DARPA enlist Lockheed to build Nuclear-Powered Spacecraft
14. ‘AGRIBOT A6’ Drone of IoTechWorld Avigation Receives Type Certification from DGCA
15. World Hepatitis Day 2023 – 28th July
16. World Nature Conservation Day 2023 – July 28
17. Tata Technologies signed MoA with Chhattisgarh to Transform ITIs into Industry 4.0 Tech Hub

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 NATIONAL AFFAIRS
PM Modi Inaugrates IECC complex “Bharat Mandapam” at Pragati Maidan; IECC to host G20
Meet
On 26th July 2023, Prime Minister (PM) Narendra Modi inaugurated a futuristic International Exhibition-cum-
Convention Centre (IECC), the revamped India Trade Promotion Organisation (ITPO) complex also known as
Pragati Maidan Complex, and also unveiled the G20(Group of 20) coin and stamp at Pragati Maidan in New
Delhi, Delhi.

• The IECC Complex has been named “Bharat Mandapam” and the naming ceremony of the Centre
was carried out using a drone.
• PM Modi performed Havan and Puja at the new ITPO International Exhibition-cum-Convention
Centre and felicitated shramiks involved in the construction of the Centre.
• The IECC Complex is set to host the G20 leaders’ meeting which is scheduled to be held in September
2023.
Note: ITPO is the nodal agency of the Government of India under the Ministry of Commerce and Industry
(MoCI) which owns and manages the Pragati Maidan Complex.
Key Points:
i.The IECC complex was developed as a national project at a cost of Rs 2,700 crore with a campus area of 123
acres being India’s largest MICE (Meetings, Incentives, Conferences, and Exhibitions) destination.
ii.The IECC complex is placed among the top 10 exhibition and convention complexes in the world by
competing with Hannover Exhibition Centre in Germany, the National Exhibition and the Convention Centre
(NECC) in Shanghai,China.
Facilities:
i.The complex comprises one mega convention centre divided into four levels, 24 meeting rooms, two
auditoriums and another two halls.
ii.The complex also has an amphitheatre with a seating capacity of 3,000 people and 5,500 parking spaces.
iii.The Level-3 of the IECC holds a seating capacity of 7,000 people is said to be larger than the Sydney Opera
House in Australia.
iv.The exhibition halls in the complex provide seven innovative spaces for showcasing products, innovations,
and ideas.
v.The IECC also includes 5G Wi-Fi campus, 10G Intranet, interpreter room to support 16 languages, advanced
AV systems, building management system, light management system, DCN (Data Communication Network)
system, surveillance system and centralized air conditioning system.
Design:
i.The elliptical design of the building was influenced by the shankha, or conch shell.
ii.The walls and facades of the Convention Centre depict India’s traditional art and culture including
• ‘Surya Shakti’ highlighting India’s efforts in harnessing solar energy,

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 • ‘Zero to ISRO’(Indian Space Research Organisation), celebrating our achievements in space
• Pancha Mahabhuta signifying the building blocks of universal foundation – Aakash (Sky), Vayu (Air),
Agni (Fire), Jal (Water), Prithvi (Earth).
Construction:
i.The redevelopment of Pragati Maidan began in 2017.
ii.The project is being executed by state-owned NBCC (India) Limited, formerly known as National Buildings
Construction Corporation and Shapoorji Pallonji, its subcontractor, on behalf of the India Trade Promotion
Organisation.
iii.It was designedby International architectural firm Aedas, and Indian architectural firm Arcop.

PFC and REC Signs MoU for Rs 5 lakh Crore Pacts with Clean Energy companies
Power Finance Corporation Ltd (PFC) and Rural Electrification Corporation(REC Ltd), have signed
Memorandum of Understanding (MoU) with clean energy companies for providing a total of Rs 5 lakh
crore funds to their projects during the “Green Finance Summit” held in Goa.

• PFC signed pacts worth Rs 2.37 lakh crore with 20 companies in the clean energy space
• REC tied up for Rs 2.75 lakh crore
The MoU were signed for solar, wind, green hydrogen, battery storage, and electric vehicle companies,
manufacturers of green energy equipment.
Note: REC & PFC, a State-owned Non-Banking Financing Companies (NBFC) and a Maharatna central public
sector undertaking(CPSE) comes under the Ministry of Power.
The “Green Finance” Summit:
The summit is organised by REC Ltd in partnership with the Indian Government’s Group of Twenty (G20)
Presidency, on the sidelines of the 14th Clean Energy Ministerial and 8th Mission Innovation meeting
(CEM14/MI-8) in Goa between 19th to 22nd of July, 2023.
Notable MoUs signed:
PMI Electro Mobility:
PMI Electro Mobility, an Electric commercial vehicles (CV) manufacturer has signed an MoU with REC Ltd to
provide finance for its commercial electric vehicle (EV) for Rs 480 crore over the next five years, up to March
2028.
• The financial support helps to accelerate the efforts in combating carbon dioxide (CO2),emissions
and establishing a robust ecosystem for e-mobility.
• PMI Electro Mobility Solutions Private (PEMSPL) Ltd was incorporated in 2017 and its
headquarters in New Delhi, Delhi.

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ACME Group:
ACME Group signed an MoU for Rs 4,000 crore loan with REC for its Green Hydrogen and Green Ammonia
project in Oman.
• It also signed a pact for over Rs 21,000 crore of loans for setting up a 380-MW renewable power
phase 1 of Odisha, phase 1 of Tamil Nadu Green Ammonia projects and 600 megawatt hour (MWh)
of pumped hydro Project.
ACME Cleantech Solutions Pvt. Ltd., referred to as the ACME Group,a leading global sustainable and renewable
energy companies headquartered at Gurugram, Haryana.
Avaada:
Avaada has signed the MoU with an investment amount of Rs 20,000 crore to fund its projects over five years.
• The financing field includes green hydrogen and its derivatives, solar photovoltaic (PV)
manufacturing, and an assortment of solar, wind, and hybrid projects.
• Avaada is India’s leading energy transition company with business interests in Solar Module
Manufacturing, Electrolyser manufacturing and Green Ammonia production. The company
established in 2017 is headquartered in Mumbai, Maharashtra.
ReNew:
ReNew has signed MoU worth Rs 64,000 crore with PFC and REC for meeting its financing needs and enable the
company to raise long-term financing for large-scale green energy projects.
• ReNew,(subsidiary of ReNew Energy Global Plc) established in 2011, is one of India’s leading
renewable energy company in terms of total energy generation capacity is headquartered at
Gurugram, Haryana.
SJVN:
SJVN Limited has MoU with REC Limited to secure financial support of Rs 50,000 Crores for its projects,
subsidiaries and joint ventures to set up technology projects like Battery Storage, E-Vehicles, Green
Hydrogen/Ammonia, Hydrogen Cells Storage, Manufacturing Units for Green Projects and power generating
stations on conventional and renewable sources of energy.
• SJVN Ltd (formerly known as Satluj Jal Vidyut Nigam,) is a hydroelectric power generation company
incorporated in 1988 as a joint venture of the GoI and the government of Himachal Pradesh (GoHP).
It is headquartered in Shimla, Himachal Pradesh.
Juniper Green Energy
Juniper Green Energy has signed an MoU with PFC for Rs 5,000 crore to fund its 1200 MW renewable energy
(RE) projects.
• Juniper Green Energy is an independent renewable energy power producer and operator of solar,
wind and hybrid power projects with experience in conceptualizing, building, and developing
renewable energy assets started its operations in October 2018. It is headquartered in Gurugram,
Haryana.
Hero Future Energies (HFE):
HFE signed two MoU with REC and PFC for infusion of Rs 3,100 crore each in HFE over the next five years to
develop green energy projects.
• The funds will be used in the development of renewable projects across India including solar and
wind for commercial and industrial (C&I) customers, utility projects and green hydrogen
derivatives, and will strengthen the company by ensuring the financial closure for future projects in
the pipeline.
• HFE is a prominent Independent Power Producer (IPP) with utility scale wind, solar, hybrid and
distributed solar plants across India was established in 2012, in New Delhi, Delhi.
Note: Adani, Greenko, Continuum, JBM Auto, Megha Engineering & Infrastructure Ltd, Rajasthan Renewable
Energy were some of the other companies with whom PFC signed MoU.

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About Power Finance Corporation Ltd (PFC):
Chairman & Managing Director(MD)- Parminder Chopra
Headquarters- New Delhi, Delhi
Established- 1986
About Rural Electrification Corporation(REC Ltd):
Chairman & MD– Vivek Kumar Dewangan
Headquarters- New Delhi, Delhi
Established- 1969

INTERNATIONAL AFFAIRS
3rd India & Lao FOC held in Vientiane, Lao; Signed MoUs for 5 QIPs
On July 27, 2023, the 3rd round of Foreign Office Consultations (FOC) between India and Lao People’s
Democratic Republic (PDR) was held in Vientiane, Lao PDR. The FOC was co-chaired by Saurabh Kumar,
Secretary (East), Ministry of External Affairs(MEA), India and Phoxay Khaykhamphithoune, Deputy Foreign
Minister, Ministry of Foreign Affairs, Lao PDR.

• During the 3rd India-Lao FOC, 5 Memorandums of Understanding (MoUs) were signed between the
2 nations for the implementation of 5 Quick Impact Projects (QIPs), in the fields of education, health,
water facility and Information Technology (IT).
Key Points:
i.Both sides reviewed the gamut of their bilateral
relations, and explored opportunities to enhance
collaboration in areas like development partnership,
economic and trade ties, agriculture, healthcare,
education, defense, and heritage preservation.
ii.Discussions also covered mutual interests in regional
and global issues, along with cooperation in international
forums such as the United Nations (UN), ASEAN
(Association of Southeast Asian Nations), and Mekong
Ganga Cooperation.
• Indian side highlighted the cooperation
extended by Lao PDR as Country Coordinator
for the Mekong Ganga Cooperation.
iv.India also reiterated its support to Lao PDR ‘s upcoming
Chairmanship of ASEAN in 2024.
v.The next round(4th) of FOC will be held in New Delhi,
Delhi (India) at mutually convenient dates.
vi.The 2nd FOC between India & Lao was held on 10th August 2015 in New Delhi, Delhi.

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What are QIPs?
i.QIPs were introduced by the Government of India (GoI) during the 6th Mekong Ganga Cooperation (MGC)
Ministerial Meeting in New Delhi on September 4, 2012. These projects aim to benefit CLMV countries
(Cambodia, Lao PDR, Myanmar, and Vietnam. In this regard, India-CLMV QIPs Revolving Fund was
established with an initial annual contribution of US$1 million.
ii.Over time, the India-CLMV Revolving Fund has been revised twice.
• First, it was increased to US$1.25 million following the India-Cambodia Joint Statement in 2018.
• After the India-Vietnam Summit in 2020, the fund was further raised to the US$2 million.
iii.Each QIP project is limited to a cost of no more than US$50,000.
iv.The primary focus of QIPs is on undertaking short gestation, high visibility projects with a completion period
of up to one year.
About Lao People’s Democratic Republic (PDR):
Prime Minister– Sonexay Siphandone
Capital– Vientiane
Currency– Laotian Kip(Lao kip)
India’s Ambassador to Laos PDR– Prashant Agrawal

BANKING & FINANCE

SEBI Rolled out Framework for CDMDF; mandates FPIs to disclose LEI Code
On July 27, 2023, the Securities and Exchange Board of India (SEBI) rolled out the Framework for Corporate
Debt Market Development Fund (CDMDF) which aims to establish a Backstop Facility to purchase
investment-grade corporate debt securities, enhance secondary market liquidity, and boost confidence among
the participants in the Corporate Debt Market during periods of stress.

• It complies with the Guarantee Scheme for Corporate Debt (GSCD) notified by the Ministry of
Finance on July 26, 2023.
• This information by SEBI was provided in the exercise of its powers conferred under Section 11 (1)
of the SEBI Act, 1992, read with the provisions of
regulations 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interest of investors in
securities and to promote the development of securities market.
Points to note:
In June 2023, Chapter III-C was inserted vide amendments to SEBI (Alternative Investment Funds) Regulations,
2012 to facilitate the constitution of CDMDF, an Alternative Investment Fund.
On 28th July 2023, Finance Minister Nirmala Sitharaman launched CDMDF with the aim of advancing the
corporate bond market.

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Key features of CDMDF:
The Subscribers:
CDMDF units will be subscribed by AMCs (Asset Management Companies) of Mutual Funds (MFs), and specified
debt-oriented Mutual Fund (MF) schemes excluding overnight funds and Gilt funds and including conservative
hybrid funds.
MF Contribution:
i.MF will contribute 25 basis points (bps) of the specified debt Asset under Management (AUM) to CDMDF. This
will lead to a contribution of Rs 2,242 crore by MFs to CDMDF.
• Incremental contributions will be made by specified debt schemes as their AUM increases every 6
months to maintain the 25 bps investment in CDMDF.
ii.Association of Mutual Funds in India (AMFI) will calculate and inform each MF scheme of their contributions,
starting from this December 2023.
Key Guidelines:
i.It is a close-ended scheme with an initial tenure of 15 years after contributions from all Asset Management
Companies (AMCs).
ii.CDMDF will purchase securities only from the secondary market that are investment-grade, listed, have a
credit rating, and have a residual maturity of up to 5 years.
iii.It will not buy unlisted, below investment grade, defaulted securities, or those with a material possibility of
default or adverse credit news/views.
iv.During normal times, the fund will deal in only securities such as low-duration government securities (G-
Sec), treasury bills, tri-party repo on G-sec and Guaranteed corporate bond repo with a maturity not exceeding
seven days.
v.The sellers will receive 90% of the consideration in cash and 10% in the form of CDMDF units, bearing the
risk of first loss and redeemable during the scheme’s tenure.
vi.If the debt AUM decreases, there will be no return or redemption from CDMDF, and delayed contributions
will incur an annual interest of 15%.
Note: Within a period of 3 months, stock exchanges must create a distinct window on the current Request for
Quote (RFQ) platform to enable purchases, while clearing corporations are also instructed to establish the
necessary infrastructure for corporate debt trade settlement by CDMDF during market dislocation.
Disclosure and Fees:
i.CDMDF will disclose the Net Asset Value (NAV) by 9:30 pm on all business days on its investment manager’s
website and AMFI’s website.
ii.CDMDF will charge 0.15% of the portfolio value charged on a daily pro-rata basis during normal times, and
0.2% during market stress.
Click Here for Full Official Framework by SEBI
SEBI Mandates Non-Individual FPIs to Disclose Legal Entity Identifier Code
SEBI mandates all non-individual Foreign Portfolio Investors (FPIs) to disclose their Legal Entity Identifier
(LEI) code to improve the quality and accuracy of financial data systems for better risk management.
• Presently, FPIs are required to provide their LEI details in the Common Application Form (CAF),
used for registration, KYC (Know Your Customer) and account opening of FPIs on a voluntary basis.
What is LEI?
LEI is a unique 20-character global code, that is used to identify legally distinct entities involved in financial
transactions.
Key Points:
i.RBI requires non-individual borrowers with aggregate exposure above Rs 25 crore to obtain an LEI code.
ii.SEBI mandates all existing FPIs (including those applying for renewal) to provide their LEIs to their
designated depository participant (DDPs) within 180 days.
• If failure, their accounts are blocked for further purchases until the LEI is provided.
iii.FPIs must ensure that their LEI is always active.

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 • Accounts of FPIs with expired or lapsed LEI
codes will be blocked for further purchases
until the LEI code is renewed.
This information by SEBI was provided in the exercise of
its powers conferred under Section 11 (1) of the SEBI Act,
1992, read with Regulations3(2), 22(1)(j) and 44 of SEBI
(FPI) Regulations,2019, to protect the interest of
investors in securities and to promote the development
the securities market.
Recent Related News:
i.SEBI has mandated alternative investment funds (AIFs)
to provide investors with the option of a “direct plan” and
introduced a trail model for distribution commission. The
framework for direct investments will go into effect on
May 1, 2023.
ii.Due to the rise of dependence on cloud computing for
delivering IT (Information Technology) services, SEBI
drafted a cloud framework for the adoption of Cloud Services by SEBI Regulated Entities (REs).
About Securities Exchange Board of India (SEBI):
Chairperson– Madhabi Puri Buch
Headquarters – Mumbai, Maharashtra
Establishment – 12 April 1992

LIC launches Jeevan Kiran to offer Life Cover with Premium Return
On 28th July 2023, Life Insurance Corporation of India (LIC) launched a new term assurance plan “Jeevan
Kiran”, a non-linked, non-participating, individual, savings, and life Insurance plan that offers a combination of
protection and savings.

Eligibility & Restrictions:

• Age(Entry): Minimum 18 years to Maximum 65 years.
• Age (Maturity): Minimum 28 years to Maximum 80 years.
• Policy Term : 10 years to 40 years
• Minimum Basic Sum Assured: Rs 15 Lakhs.
• Maximum Basic Sum Assured: No Limit
• Minimum Premium: Rs 3000 for Regular Premium Policies & Rs 30000 for Single Premium Policies.
Features:
i.This policy will provide financial support to the family in case of unfortunate death of the life assured during
the policy term and returns the total premiums paid in case of survival till maturity.
ii.This is a non-participating product under which benefits payable on death or maturity are guaranteed and
fixed irrespective of actual experience.

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Benefits payable in case of death
i.For policies with Regular Premium Payments, the “Sum Assured on Death” will be highest of Seven times the
Annualised Premium (or) 105% of the “Total Premium Paid” up to the date of death (or) Basic Sum Assured.
ii.For policies with Single Premium Payment, the “Sum Assured on Death” is determined as the greater of
125% of the Single Premium (or) Basic Sum Assured.
It is to be noted that the Death benefits can be received as lump sum or in five equal instalments with intervals
of annually, half-yearly, quarterly or monthly
Maturity benefit
Upon maturity, if the policy is still active, the “Sum Assured on Maturity” will be equivalent to the “Total
Premiums Received by LIC” (after deducting any excess premium, rider premium, taxes, etc.) under both
Regular Premium and Single Premium Payment Policies.
Additional Info:
i.The plan offers differential premium rates for Smoker/Non-Smoker lives.
ii.Housewives and pregnant ladies are not eligible for this plan. Female lives proposals may be submitted only
after six months from the date of their last delivery.
iii.The policy offers two optional riders(supplementary benefits added in the primary life insurance policy)
availed by paying an extra premium
• Accidental Death and Disability Benefit Rider
• Accident Benefit Rider
About Life Insurance Corporation(LIC) of India:
Chairperson – Siddhartha Mohanty
Headquarters – Mumbai, Maharashtra
Established in – 1956

Razorpay launches ‘MoneySaver Export Account’ for Indian exporters to save 50% on overseas
bank transfers
On 26th July 2023, Razorpay, a Finetech company announced the launch of its ‘MoneySaver Export Account‘,
built specifically for small and mid-size exporters by offering up to 50% savings on international bank transfers
for the Indian exporters. The facility allows exporters to open an account in any country of their choice (over
160 countries).
• The exporters receive international payments locally via the Razorpay platform such as FedWire,
Automated Clearing House (ACH) and more in order to save from high transfer costs, chargebacks
and payment failures.
• With the MoneySaver Export Account, Indian exporters can experience consistent wire transfer
from their international customers over 200 countries and have their funds settled directly in their
Indian bank accounts.
• By using the Razorpay dashboard, users can access the features and all the payments will come with
an electronic Foreign Inward Remittance Statement (FIRS).

ECONOMY & BUSINESS

SBI Ecowrap report: India set to become the world 3rd Largest Economy in 2027
According to the State Bank of India’s (SBI) economic research report Ecowrap dated on 27th July 2023, India is
set to become the world 3rd Largest Economy in 2027(Financial Year 2028) based on actual Gross domestic
product (GDP) data as on March 2023.
• India currently ranks 5th in the world’s largest economy, accounting for 3.4% of global GDP.

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 • As per the report, India will surpass both Japan and Germany in 2027 if it develops at the present
current rate of growth.
India’s GDP in FY24:
i.The report also states that India’s GDP is expected to grow
by more than 8% in the first Quarter of Financial Year 2024 (8.1-8.2%).
ii.It also predicted that India may surpass the 6.5% mark of overall growth (GDP)in FY24.
Top 5 Economies:
Nominal GDP
Rank Country (Billion in USD) Share (%)
United States of America
1 (USA) 25464 25.40%
2 China 18100 18.10%
3 Japan 4234 4.20%
4 Germany 4075 4.10%
5 India 3399 3.40%
Key points:
i.The incremental increase of USD 1.8 trillion estimated in the economy’s size between 2022-27 will be more
than the current size of the Australian economy.
ii.India is all set to touch $20 trillion by 2047 by adding 0.75 trillion USD in every 2 years.
• India’s global share in GDP will cross 4% by 2027.
iii.To achieve the 3rd place India needs to grow by CAGR of 8.4% till 2027 (in dollar terms). This translates into
11.0-11.5% nominal GDP growth per annum (in Rs
terms), which is achievable.
Comparison between 2014 and 2024:
i.The share of India’s GDP is now at 3.5%, as against 2.6% in 2014.
ii.It developed into the 5th largest economy from the 10th in 2014.
State-wise estimate:
i.Maharashtra and Uttar Pradesh set to break the $500 billion
mark in 2027 (or FY28).
ii.In 2027,the GDP size of major Indian states will be more than the size of some of the Asian and European
countries including Vietnam, Norway,Hungary,Qatar.
Estimation of top 3 States contributing to India’s GDP in FY28:
Estimated Size Estimated
State (Billion in USD) Share (%) Countries with equal size in 2027
Maharashtra 647 13% Vietnam
Uttar Pradesh 515 10% Norway
Tamil Nadu 426 8% Chile

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About State Bank of India(SBI):
Chairman – Dinesh Kumar Khara
Headquarters – Mumbai, Maharashtra
Established – 1 July 1955

Goa Shipyard & BGIIES signed MoU to use AI for Shipbuilding

On 26th July 2023, the Goa Shipyard Limited (GSL), a Mini Ratna Central Public Sector Undertaking (CPSU),
under the Ministry of Defence(MoD), signed a Memorandum of Understanding (MoU) with the BITS Goa
Innovation, Incubation and Entrepreneurship Society (BGIIES, Goa) to drive innovation and progress in the
shipbuilding and defence industry using cutting-edge Artificial Intelligence (AI) technologies.
• The MoU was signed in the presence of P Ravindran, General Manager (Production), GSL, and Suman
Kundu, President BGIIES in Vasco da Gama, Goa.
• BGIIES is a registered Society under the Societies Registration Act, 1860 based in Birla Institute of
Technology and Science (BITS) Pilani, K. K. Birla Goa Campus, Zuarinagar, Goa.
• Under the MoU, both entities will collaborate closely on research and development projects to utilize
AI’s full potential in shipbuilding and defence applications.
• The partnership aims to support the research expertise of BITS Goa and the extensive experience of
GSL in shipbuilding and defence.
• By utilizing AI-driven solutions, they seek to increase operational efficiency, optimize ship design
processes, and strengthen defence capabilities.
• The shared expertise and resources will facilitate the creation of advanced AI algorithms, predictive
maintenance models, autonomous systems, and more.

APPOINTMENTS & RESIGNATIONS

Jim Skea of UK elected as the Chair of IPCC
On 26th July 2023, James Ferguson ‘Jim’ Skea of the United Kingdom (UK) was elected as the new chair of the
Intergovernmental Panel on Climate Change (IPCC) an intergovernmental body of the United Nations(UN) that
works to advance scientific knowledge about climate change caused by human activities.

• The election was held at the United Nations Environment Programme headquarters in Nairobi,
Kenya.
• He was elected by 90 votes to 69 in a run-off with Thelma Krug of Brazil.
• As the new chair of IPCC, Jim Skea will lead the Panel through its 7th assessment cycle.
Points to note:
i.The IPCC completed its Sixth Assessment Report (AR6) in March 2023.
ii.Hoesung Lee of South Korea served as the Chair of IPCC since October 2015.
About the Election of IPCC Chair:
i.Thelma Krug (Brazil); Debra Roberts (South Africa); Jim Skea (UK); Jean-Pascal van Ypersele (Belgium) were

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the candidates nominated for the post of IPCC chair.
ii.Among the 4 candidates 2 were women. Thelma Krug, an IPCC vice-chair and former researcher at National
Space Institute, Brazil and Debra Roberts, co-chair of an IPCC working group investigating the effects of climate
change on societies and ecosystems.
iii.This was the first elections in the history of the IPCC with women candidates running for the chair of IPCC.
About Jim Skea:
i.He served as a member of the IPCC Bureau since 2008 and he has nearly 40 years of experience and expertise
in climate science.
ii.He served as the Research Director of the UK Energy Research Centre (UKERC) from 2004-2012.
iii.He co-led the IPCC’s landmark Special Reports on “Global Warming of 1.5 °C” in 2018 and “Climate Change
and Land” in 2019 and the 2022 Report on the Mitigation of Climate Change.
iv.He was a co-author of the 2023 Sixth Assessment Synthesis Report.
About Intergovernmental Panel on Climate Change (IPCC):
It was established by the United Nations Environment Programme (UNEP) and the World Meteorological
Organization (WMO) in 1988
Chairperson– James Ferguson ‘Jim’ Skea
Headquarters– Geneva, Switzerland

India’s UN Ambassador Ruchira Kamboj, Assumes the Chairmanship of 62nd Session of CsocD
India’s Permanent Representative to the United Nations (UN), Ambassador Ruchira Kamboj, has assumed the
chairmanship of the 62nd Session of the Commission for Social Development (CSocD62).

Note: CSocD meets annually in New York, The United States of America(USA), usually in February.
Background:
i.On 15th February 2023, India has been elected as the chair of the 62nd session of the UNCSocD, during the
13th plenary meeting-61st session of the commission for social development. India will hold its term
until 2027.
ii.The commission elected Ruchira Kamboj as the chair of CSocD62 and Carla María Carlson, Counsellor at the
Permanent Mission of the Dominican Republic; H.E. Jon Ivanovski, Deputy Permanent Representative at the
Permanent Mission of North Macedonia; and Thomas Lammar, Counsellor at the Permanent Mission
of Luxembourg were also elected as the Vice Chairpersons of the CSocD62.
iii.For the first time since 1975, India has been elected as the chair of CSocD.
CSocD62 theme:
i.The central theme for the CSocD62 is “Fostering Social Development and Social Justice through Social Policies
to accelerate Progress on the Implementation of the 2030 Agenda for Sustainable Development and to achieve
the overarching goal of poverty eradication”.
• The theme underscores the vital connection between social development and social justice as they
form the bedrock for achieving the Sustainable Development Goals (SDGs).
About United Nation’s Commission for Social Development (UN CSocD):
CSocD, originally known as the Social Commission (renamed in 1966), was established by ECOSOC res. 10 (II)

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(1946).
i.CSocD is one of the key commissions tasked with monitoring and carrying out the Copenhagen Declaration
and Programme of Action.
ii.It was established by the Economic and Social Council (ECOSOC).
iii.The commission’s goal is to advise the ECOSOC, on social issues that are not covered by specialized
intergovernmental organizations.
iv.It consists of 46 members, elected by the ECOSOC for 4-year terms based on equitable geographical
distribution.

ACQUISITIONS & MERGERS

CCI approves Acquisition of 59.38% stake in Unichem by Ipca Labs
The Competition Commission of India (CCI), the competition regulator in India, approved the proposed
combination involving acquisition of shareholding up to 59.38% of stake in Unichem Laboratories Limited by
Ipca Laboratories Limited.

Acquirer: Ipca Laboratories Limited.

Target: Unichem Laboratories Limited.
Background:
i.In April 2023, The Acquirer entered into a definitive share purchase agreement for acquisition of one-third
(2.35 crore shares at Rs 440/ share) of the Target overall shareholding for a cash consideration of Rs 1,034
crore.
ii.As per the acquisition regulations of Securities and Exchange Board of India (SEBI), the Acquirer also made
an open offer to acquire up to 26% of the shares of the Target at Rs 440 apiece, aggregating to Rs 805.4 crore.
Highlights:
i.The proposed combination pertains to proposed acquisition of approximately 33.38% of the issued and paid-
up equity voting share capital (on a fully diluted basis) of the Target by the Acquirer pursuant to a share
purchase agreement.
ii.Additionally, since the Acquirer is acquiring more than 25% shareholding in the Target, which is a listed
company, the Acquirer is required to make an open offer for the purchase of equity shares up to 26% of the
Target’s equity share capital in accordance with the SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 2011.
iii.Accordingly, the Acquirer will acquire up to 59.38% shareholding of the Target (Proposed Combination).
Note:
• Ipca Laboratories Limited, a fully-integrated pharmaceutical company that manufactures
formulations and Active Pharmaceutical Ingredients (APIs) for various therapeutic segments.
• Unichem Laboratories Limited is active in the sale of formulations, APIs, intermediates, and contract
manufactured finished formulation dosages, globally.

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 SCIENCE & TECHNOLOGY
TKMS Signs MoU With MDL to Modernise INS SHANKUSH Submarine
Thyssenkrupp Marine Systems (TKMS ) and Mazagon Dock Shipbuilders Ltd (MDL) has signed a Memorandum
of Understanding (MoU) for the overhaul and modernization of a Sub-Surface Killer (SSK) class submarine,
Indian Navy Ship (INS) Shankush to extend its operational capability.

• MDL, a Miniratna I Central Public Sector Undertaking (CPSU) will act as general contractor up till the
on-time delivery of the submarine.
• TKMS, a Germany-based leading naval company, will be responsible for supplying selected systems,
equipment and components as well as for on-site technical support and pressure hull inspection.
About INS SHANKUSH:
i.INS SHANKUSH is the second submarine in a series of four Howaldtswerke-Deutsche Werft (HDW) Class 209
Type 1500 boats that are all still in service.
ii.INS Shankush was first commissioned by the Indian Navy in 1986 as part of German-Indian cooperation.
iii.To extend the life of INS SHANKUSH, the Ministry of Defence (MoD) had signed a ₹2,725-crore contract with
MDL for the Medium Refit with Life Certification (MRLC) and said to be delivered in 2026.
iv.The first submarine in this class is undergoing MRLC and will be back on sail by August 2023.
Note: In June 2023 ,TKMS & MDL had signed an MoU for the local construction of submarines for the Indian
Navy as part of India’s effort to meet India’s Project 75I requirement.
About Mazagon Dock Shipbuilders Ltd (MDL):
Chairman & Managing Director(MD)- Sanjeev Singhal
Established- 1934
Headquarters- Mumbai, Maharashtra

NASA, DARPA enlist Lockheed to build Nuclear-Powered Spacecraft

On 26th July 2023, United States Defense Advanced Research Projects Agency (DARPA) and National
Aeronautics and Space Administration (NASA) penned an agreement with Littleton, Colorado based aerospace
and defence firm Lockheed Martin to construct Nuclear Thermal Rocket (NTR) vehicle to use in NASA’s
Demonstration Rocket for Agile Cislunar Operations(DRACO) program for crewed missions to Mars.

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 • This will help NASA & DARPA jointly to launch a nuclear-powered satellite as soon as 2027
• The engine uses a nuclear fission reactor to generate high temperatures which is efficient than
chemical propulsion systems
About Demonstration Rocket for Agile Cislunar Operations(DRACO) program:
NASA is attempting to develop a nuclear rocket that will take humanity to Mars and beyond. Under the DRACO
program, NASA aims to have an in-space test of Nuclear Thermal Propulsion (NPT) within 2027 with an
estimate of USD 499 million.
• In 1979, NASA contemplated a manned Mars Mission utilising a nuclear-powered spacecraft known
as Nuclear Engine for Rocket Vehicle Application (NERVA). Unfortunately, the NERVA project
was abandoned.
• Under the agreement with DARPA, Lockheed Martin is responsible for spacecraft design, integration,
and testing.
About Engine:
i.BWX Technologies, based in Lynchburg, Virginia, is responsible for the design and build of the nuclear fission
reactor that will power the engine.
ii.DRACO engine features a nuclear reactor which heats hydrogen from a frigid temperature of minus 420
degrees Fahrenheit to an incredibly hot 4,400 degrees. The resultant hot gas will be expelled through a nozzle
to create the necessary thrust for propulsion.
iii.NASA’s Space Technology Mission Directorate (STMD) is responsible for the overall management and
execution of the nuclear-powered DRACO engine.
Background:
The Defense Advanced Research Projects Agency (DARPA) launched the program in 2021. In January 2023,
NASA joined the program. It was agreed that
• The technical development of the nuclear thermal engine, which will be integrated into DARPA’s
experimental spacecraft, will be led by NASA’s Space Technology Mission Directorate (STMD).

‘AGRIBOT A6’ Drone of IoTechWorld Avigation Receives Type Certification from DGCA
IoTechWorld Avigation Private Limited , a Gurugram (Haryana)-based Agri-drone manufacturer, obtained
a Type Certificate (TC) for its new indigenous drone model ‘AGRIBOT A6‘ from the Directorate General of
Civil Aviation (DGCA) in India, regulatory body in the field of Civil Aviation. This the second drone from
IoTechWorld that has received TC.
• IoTechWorld Avigation Pvt Ltd was awarded the first TC under Drone Rules, 2021 in June 2022.
• TC for drones is an official document issued by the DGCA certifying that a specific type of drone
meets all the technical parameters and safety standards for operation in India.
• AGRIBOT A6 model is 30% more compact than the previous model and is easy to transport and
operate.
• AIF (Agriculture Infrastructure Fund) is available for AGRIBOT A6 in which 90% collateral free loan
is available at 3% subvention on the interest rate
Note: The certification, a compulsory requirement under the Drone Rules 2021, verifies that the drone adheres
to the highest safety and quality standards.

IMPORTANT DAYS
World Hepatitis Day 2023 – 28th July
The World Health Organization’s (WHO’s) World Hepatitis Day (WHD) is annually observed across the globe
on the 28th July to create awareness and educate people about the effect of viral hepatitis.
• The theme for WHD 2023- “One Life, One Liver” which creates awareness in the public by
emphasizing the need for prevention, early detection, and adherence to prescribed treatment.

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 • ‘We’re Not Waiting’ is the campaign theme for WHD 2023.
Hepatitis:
i.Hepatitis is an inflammation of the liver, often caused by viral infections.
ii.Five main strains of the hepatitis virus – A, B, C, D, and E – are responsible for the majority of cases but they
differ in important ways including modes of transmission, severity of the illness, geographical distribution and
prevention methods.
iii.Hepatitis B and C are the most common, accounting for over 90% of hepatitis-related deaths.
iv.Chronic hepatitis infections can lead to severe health issues, including cirrhosis, liver cancer, and liver
failure.
History of WHD:
World Hepatitis Day, initially observed on May 19, was later moved to July 28 in 2010.
i.World Hepatitis Alliance established in 2007 organized the first ever community-led WHD in 2008.
ii.The 63rd World Health Assembly in May 2010 in Geneva, Switzerland adopted various resolutions on a
variety of global health issues including the resolution WHA63.17 proclaiming the 28th July of every year as
WHD.
iii.The 1st WHOs, WHD was observed on 28th July 2011.
Why 28th July?
The date was chosen to honor the birth anniversary of Dr Baruch Samuel Blumberg a physician and
geneticist, who discovered the hepatitis B virus (HBV)in 1967 and developed the first hepatitis B vaccine, for
which he was awarded the Nobel Prize in Physiology or Medicine in1976.
WHO on Hepatitis:
i.According to WHO estimates, approximately 325 million people worldwide live with chronic hepatitis, and
over 1.3 million deaths occur annually due to hepatitis-related complications.
ii.WHO has set up a goal to achieve hepatitis elimination by 2030. To achieve this, the WHO urges countries to
achieve specific goals:
• Reduces new infections of hepatitis B and C by 90%.
• A 65% reduction in hepatitis-related deaths from cirrhosis and cancer.
• Make sure that at least 90% of people infected with hepatitis virus (B and C) are diagnosed.
• At least 80% of eligible individuals receive appropriate care.
• Provision of chronic hepatitis B treatment access to all pregnant women and birth vaccines to their
infants in order to prevent HBV infection.
WHD aligns particularly with three Sustainable Development Goals (SDGs):
• Good Health and Well-being (SDG 3)
• Partnerships for the Goals (SDG 17) and
• Reduced Inequalities (SDG 10).
About World Health Organisation(WHO):
Director-General- Dr Tedros Adhanom Ghebreyesus
Headquarters- Geneva, Switzerland
Founded in- 1948

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World Nature Conservation Day 2023 – July 28
World Nature Conservation Day is annually observed across the globe on July 28 to create awareness about
the importance of protecting the natural resources and wildlives.

• The day also aims to educate the people about the necessity of conservation of natural resources,
bio-diversity and ecology across the world and the challenges of climate change.
Impacts of Natural Imbalance:
i.In recent times, climate change and environmental degradation becoming a pressing issue and due to the
careless use of natural resources and over exploitation, the consequence of global warming could be severe for
the future generation.
ii.The species getting threatened, global warming, pollution are causing a huge imbalance in nature.
Some Environment Conventions and Protocols:
1.The Convention on Wetlands of International Importance especially as Water- fowl Habitat, also known as
the Ramsar Convention, is an intergovernmental treaty that provides the framework for the conservation and
wise use of wetlands and their resources.
• It was adopted in the Iranian city of Ramsar in 1971 and came into force in 1975.
2.The Convention on Biological Diversity (CBD) is the international legal instrument for the conservation of
biological diversity, the sustainable use of its components and the fair and equitable sharing of the benefits
arising out of the utilization of genetic resources.
• The CBD entered into force on 29 December 1993 and it has been ratified by 196 countries.
• It covers biodiversity at all levels: ecosystems, species and genetic resources.
3.Stockholm Convention on Persistent Organic Pollutants (POPs) is a multilateral environmental agreement
to protect human health and the environment from POPs.
• It was adopted in 2001 in Geneva, Switzerland and entered into force in 2004
4.Kyoto Protocol is an international treaty that aims to reduce the emission of gases that contribute to global
warming.
• It operationalizes the United Nations (UN) Framework Convention on Climate Change by
committing industrialized countries and economies in transition to limit and reduce greenhouse
gases (GHG) emissions in accordance with agreed individual targets.
• It was adopted on 11 December 1997 and entered into force on 16 February 2005.
Some initiatives in India to conserve nature:
i.India’s Wild Life (Protection) Act, 1972 provides the legal framework for the protection of wild animals, birds
and plants with an objective to ensure the ecological and environmental security of India. The Act was last
amended in the year 2022.
ii.The Centrally Sponsored Schemes implemented by the Ministry of Environment, Forest & Climate Change
(MOEF&CC) includes,
• National River Conservation Programme;
• Sub-schemes of Conservation of Natural Resources and Ecosystems;
• Green India Mission and National Afforestation Programme;

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 • National Coastal Management Programme;
• National Mission on Himalayan Studies under Climate Change Program
iii.The MoEFCC also monitors the implementation of the United Nations Convention to Combat Desertification
(UNCCD) and has been carrying out enabling activities and other obligations of the Convention.

STATE NEWS
Tata Technologies signed MoA with Chhattisgarh to Transform ITIs into Industry 4.0 Tech Hub
Tata Technologies Limited, a global product engineering company, signed a 10-year Memorandum of
Agreement (MoA) with the Department of Skill Development, Technical Education and Employment,
Government of Chhattisgarh to transform 36 government-owned Industrial Training Institutes (ITIs) in
Chhattisgarh into Industry 4.0 technology hub. The total cost of the project is Rs 1188.36 crore.
• The MoA was signed in the presence of Bhupesh Baghel, Chief Minister(CM) of Chhattisgarh.
• Tata Technologies is collaborating with 20 global industry partners to upgrade the ITIs which will
offer 6 new trades and 23 new short-term courses that cater to Industry 4.0 demands.
• The upgraded ITIs will serve as skill incubation centres, strengthening the technical proficiency of
students and potential employers.
• The collaboration will upskill the youth of Chhattisgarh with a comprehensive understanding of
Industry 4.0 technologies and increase their employability and also strengthening the industrial
landscape of Chhattisgarh.
Note: Tata Technologies Limited is a subsidiary of TATA Motors Limited.

Aspirant Queries
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related to examinations?
Affairscloud: We Guaranteed All the Important topics related to
examination are covered in Our Daily CA content and Daily CA
Quizzes.
Aspirant: Why is there a delayal in news?
Affairscloud: As some of the major news sites doesn't provide the
required data on the exact day, we take extra time for important
data to be presented to the aspirants on the examination basis to
ensure nothing is missed.

Example: In 'Important Days' topics the International

Organisations publish their reports and Rankings in the evenings, to
make sure every data is covered, we delay the topics to the next day

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